CHAPTER 145

An Act to amend and reenact § 38.1-674 of the Code of Virginia, relating
to mutual assessment fire insurance companies, and limiting the
amount of a single risk by the insurance in force.

[H 410]

Approved February 27, 1962

Be it enacted by the General Assembly of Virginia:

1. That § 38.1-674 of the Code of Virginia be amended and reenacted
as follows:

§ 38.1-674. No company having less than two million dollars insur-
ance in force shall insure any one risk for a greater sum than six thou-
sand dollars; no company having more than two million dollars but less
than five million dollars insurance in force shall insure any one risk
for more than eight thousand dollars; no company having more than five
million dollars but less than ten million dollars insurance in force shall in-
sure any one risk for more than * fifteen thousand dollars; and no company
having more than ten million dollars insurance in force shall insure
any one risk for a sum in excess of ten cents for each one hundred dollars
insurance it has in force, except that a company may insure any one risk
in larger sums than prescribed herein if the excess over such prescribed
maximum is reinsured as authorized in this chapter, provided, however,
that the maximum amount so ascertained may be increased by the extent
of twenty-five per centum of the safety fund of the company as of the
time such insurance is written.

2. An emergency exists and this act is in force from its passage.